Commission is payable when:
- a payment is made by the debtor or a third party or settlement is reached
(whether or not this is as a result of legal proceedings)
- the debt is reduced after we are instructed (for example, a partial credit is given or compromise is reached). Our commission in respect of the reduction will be 50% of the commission that would have been payable if that amount had been collected. Any balance remaining due will then be subject to our full commission rate
For commission purposes the debt age is based on the oldest invoice on the account at the time of placement. The total balance due will then attract this rate band.
Close Out Fee
If our instructions in a case are withdrawn before we recommend that it be closed, we reserve the right to charge a Close Out Fee equal to the commission that would have been payable if the debt had been successfully collected. Examples include:
- Associate company to one of your key accounts
- Debtor has already paid and proof obtained
- Irate debtor where you wish to withdraw
- Passed out for collection in error including contra accounts
- Debtor disputes debt and you wish us to stop action
- An account is placed on "hold" for more than 30 days.
General
Clients will be deemed to accept our charging structure immediately following receipt of instructions, by telephone, fax, post or electronic transfer.
So that our service for you can be as effective and efficient as possible you agree, by instructing us, that:
- you will notify us promptly of: -
- Any material change to the documents or information provided
- Any new information of any kind
- Any payment received towards or in satisfaction of the debt
- Whilst we are instructed, you will not instruct anyone else to collect the debt
without our written consent
- We shall not be liable for any loss or damage suffered by you as a result of any
collection activity.
- Any amounts payable to us or any agents may be paid out of any money recovered
- You will co-operate at all times with us and if there is any delay on your part affecting our ability to collect the debt we may terminate the collection of the debt immediately and charge you the Close Out Fee.
Where you require us to commence legal action, then you will be responsible for all our costs and disbursments.
Our rates refer to debts passed to us via our free Excel template or through our online website forms. A charge of £1.00 is made for each debt submitted in alternative formats where the data cannot be electronically loaded.
Our disbursments and ancillary services costs will be charged at the rate appearing in our current Price List from time to time. Any change in these terms or our other terms must be agreed in writing between us. VAT will be payable at the prevailing rate.
These terms should be read in conjunction with our Doing Business with Lovetts document.
Back
